(MENAFN- Ameliorate Digital Consultancy)
Increase in chronic disease prevalence, rising ageing population, and advancements in active implanted medical devices are contributing to the market growth for implantable medical devices . Moreover, higher investments and funding for the development of technologically advanced products, increased awareness of medical implant improvements, and an increase in the use of neurostimulators are also aiding market expansion.
Recently, more patients have undergone total knee and hip transplant surgeries as a result of an increase in bone fractures and injuries. The incidence of fractures, arthritis, and knee pain is also increasing the demand for orthopedic implants.
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Incidence of cardiovascular diseases is rising, and obesity rates are high, which are the main drivers that are likely to fuel market growth for implantable medical devices.
Medical professionals and patients can monitor their illnesses to receive an early update with the use of implantable medical devices. These wireless, automated devices assess a patient's sensitivity to a prescribed medicine dosage. The rising prevalence of neurological illnesses such as Parkinson's disease and spasticity is driving the demand for active implantable medical devices.
Key Takeaways from Market Study
The global implantable medical devices market is predicted to reach US$ 155 billion by 2027. Market in Canada is projected to evolve at a CAGR of 5.5% over the forecast period (2022-2027). Market in Germany is forecasted to rise at a CAGR of 4% through 2027. Demand for cardiovascular implants is predicted to increase at a CAGR of 5.8% from 2022 to 2027.
“Increasing investments in R&D by government organizations for product innovations, rising adoption of innovative implantation methods such as robot-assisted orthopedic surgeries, growing awareness of the accessibility of implantable medical devices, rising disposable income, and growing consumer spending on healthcare services are factors driving market growth,” says a Fact.MR analyst
Why is the market for implantable medical devices growing in the United States?
The drivers driving market expansion in the U.S. include rising consumer healthcare spending, increased use of minimally invasive procedures, and increased public knowledge of the availability of different medical implants.
Constant improvements in medical technology, the availability of state-of-the-art healthcare facilities with qualified medical staff, expanding consumer demand for active implanted devices, and rising government spending in the healthcare system all contribute to the market's value growth.
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Implantable Medical Devices Industry Research Segmentation
By Product Type : Orthopedic Implants Cardiovascular Implants Dental Implants Intraocular Lens Breast Implants Others
By Material :
By Nature of Device : By End User : Hospitals Ambulatory Surgical Centers Multi-specialty Centers
By Region : North America Europe Asia Pacific Latin America Middle East & Africa
Winning Strategy
Top market participants are concentrating on creating customized implants. Additional factors driving market growth include established distribution channels and strategic alliances with significant service providers to broaden product reach. Key market players are offering technologically advanced implantable medical devices to gain an advantage in the extremely competitive industry.
For instance,
In 2021, a total knee system without cement was introduced by Smith & Nephew. Conceloc Advanced Porous Titanium, a proprietary material that is patented for 3D printing, is used to make the implant. Medtronic obtained innovative device designation from the FDA for completely implantable left ventricular assist equipment for patients with severe heart failure. This recognition will enable the organization to treat or diagnose diseases that are life-threatening more effectively, increasing the size of its clientele.
Key Companies Profiled
Silimed Straumann Stryker Corporation Allergan PLC CEREPLAS BioHorizons IPH, Inc. Implantech Dentsply Sirona, Inc. Establishment Labs S.A. GROUPE SEBBIN SAS Heraeus Holding GmbH Ideal Implant Inc. Ivoclar Vivadent AG Nobel Biocare Holding AG Osstem Implant Co., Ltd. Polytech Health & Aesthetics GmbH
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global implantable medical devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product type (orthopedic implants, cardiovascular implants, dental implants, intraocular lens, breast implants, others), material (ceramic, metal, polymer), nature of device (active, passive), and end user (hospitals, ambulatory surgical centers, multi-specialty centers), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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